Banks consider new Greek rollover plan - reports

European banks and finance officials are discussing a proposal to replace existing Greek debt with a different type of bond to get around ratings agencies' reservations about a planned rollover, Reuters reports.

According to European banking sources, the proposal foresees a voluntary rollover of debt into securities of a different and credit composition to avoid agencies moving Greece to default status. Reuters quoted the source as saying bonds of a different type of bond would mean the ratings agencies would see the debt restructure as voluntary and would not declare Greece insolvent. Banks, insurers and national finance officials have held meetings this week to seek a solution to Greece's sovereign debt crisis. Eurozone governments are discussing a second bailout package for Greece that ...